Subject to the regulatory approvals, the transaction is likely to conclude during the fourth quarter of 2014.
Launched in July 2008, Ageas Protect delivers an array of term life, critical illness, and income protection coverage to consumers.
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At present, Ageas Protect owns a 4.8% market share of new protection business across the UK, and an 8.4% share of the important UK Independent Financial Advisor (IFA) channel. The company written premiums stood at £91.8m in 2013.
Ageas Protect employs about 220 staff in the UK, and serves more than 300,000 customers in the UK, Channel Islands, and Isle of Man.
Commenting on the acquisition, AIG, Global Consumer Insurance, CEO, Kevin Hogan, said: "UK life protection is an attractive market for AIG.
"We are excited about the prospect of enhancing AIG’s significant presence and existing insurance offerings in the UK, and we are committed to the management team, employees, and distributors who have made Ageas Protect the strong company it is today."
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By GlobalDataOnce the acquisition is closed, Ageas Protect will become a part of AIG’s Global Consumer business. The company will offer personal accident, health, and travel insurance coverage to consumers, as well as customized insurance solutions for high net worth individuals through AIG Private Client Group in the UK.
